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A Consultancy service business had the following data during the month: On contracts for professional services: Advance collection of fee 500 ,000 Collections for services
A Consultancy service business had the following data during the month:
On contracts for professional services: Advance collection of fee 500 ,000 Collections for services rendered 800,000 Receivables 1,300,000 Payments to VAT providers for services 700,000 Payments to non VAT providers for services 300,000 Payments to VAT suppliers for office supplies 200,000 How much is the output tax? ___________________________ How much is the value added tax payable?_________________________
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